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Heritage Mentioned as Leader in Community Lending Project

AS PRINTED IN THE WEST CENTRAL TRIBUNE by David Little on May 19, 2014

WILLMAR – Discussions are taking place to determine if local lending institutions might be used for the first time to finance Willmar’s street improvements rather than using outside lending institutions.

The idea of using local banks to finance local projects isn’t entirely new. Last December, a group of local banks, led by Heritage Bank, financed a $9.1 million project at Rice Care Center. Other banks involved were North American, Lake Region, Home State and Concorde.

Because involvement of the local banks worked well in the Rice Care Center project, the city broached the idea earlier this year with a local lender of possibly financing the 2014 projects, said Steve Okins, city finance director.

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